HarbourVest Global Private Equity commits money to the simpler seperately managed account announced in May; Value & Indexed Property offers an exit and investment opportunity; and updates from Custodian Property Income and Sirius Real Estate.

Fidelity Emerging Markets (FEML) has agreed to buy back the 25.7% stake held by Strathclyde Pension Fund at a price 14% below net asset value. Read our full story here.

HarbourVest Global Private Equity (HVPE), a £2bn ($2.7bn) investor in the funds of US manager HarbourVest, commits $125m (£92.4m) to the separately managed account (SMA) announced in May which it says is a “significant milestone” in its efforts to simplify the company, reduce debt exposure and increase its investment flexibility. In line with the existing portfolio, the money will be divided 80% to HarbourVest funds and 20% to direct investment in companies alongside the fund manager. Buyout funds will account for 70% and venture/growth 30%. The geographical split will be 60% North America, 25% Europe and 15% Asia.

Value & Indexed Property Income (VIP) launches a 30% tender offer at a 5% discount to the 31 March net asset value (NAV) of 214.7p per share requiring shareholder approval at a general meeting on 25 September. The shares currently stand at just under 210p. It will also make £6.7m of shares held in Treasury available for a mix and match facility for investors wanting to buy more shares in the £87m investment trust run by Matthew Oakeshott and Louise Cleary at OLIM Property. As previously announced, the company will schedule a discontinuation vote in 2033 to coincide with the repayment of its fixed rate loan. After the tender offer, the company will adopt a discount control policy to keep the share price discount to NAV between zero and 10%. It will also move to quarterly valuations up from the current half-yearly updates. A first quarter dividend of 3.6p per share was also declared.

Custodian Property Income (CREI) achieved a 2.2% total investment return in the first quarter of its financial year with net asset value rising 0.6% to 96.7p per share in the three months to 30 June. Total net assets rose to £448.7m from £423.5m due to the acquisition of the £19.4m Merlin family property company offset by a £5m share buyback programme. Another fully covered quarterly dividend on 1.5p was paid on Friday putting the shares, trading on a 23% discount to NAV, on a 7.7% yield. “As the months go by, the continued disparity between investor confidence in UK real estate and the improving picture for rental growth, tenant demand and stability in valuations makes for an ever more perplexing picture,” says fund manager Richard Shepherd-Cross.

Sirius Real Estate (SRE) has completed the previously announced acquisitions of a business park in Dresden, Germany, for €23.4m and of Chalcroft Business Park in Southampton for £38.6m, together with an adjoining 4.5 acre development site with outline planning permission, for a further £4.2m. It says both assets are located in highly desirable areas with strong transport connectivity. 

Baillie Gifford Japan (BGFD) says wealth manager Quilter has reduced its stake from 9% to 5%. Shares in the £695m trust stand on a 10% discount.

Schroder Asian Total Return (ATR) says Raymond James Wealth Management has lifted its position to 10.3% from 5.9%. The £471m trust stands on a 3.8% discount.